Boeing crisis deepens, stocks keep bleeding
The selling pressure on Boeing stock intensified after the Federal Aviation Administration criticized the aerospace giant for not providing it with key documents in the 737 Max for months after learning about them.
Shares of Boeing extended the decline for a third straight session, down to the lowest level since August
Stocks impacted: Boeing Co. (BA)
Besides, Several Wall Street analysts downgraded Boeing, citing the fallout from the crisis that has barred the manufacturer from delivering its best-selling planes that make up around 40% of its profit. UBS downgrades Boeing to neutral from buy, amid concerns over the software system used in the 737 MAX. Against this backdrop, some of Boeing’s 737 Max suppliers also suffered. Spirit Aerosystems lost nearly 5% while General Electric fell almost 2%. Boeing shares slipped 3.8% to $331.06 on Monday.
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